LEESBURG, VA - Walker & Dunlop announced that it structured financing for the acquisition of Bellemeade Farms Apartments, a 316-unit multifamily community located in Leesburg, Virginia. Walker & Dunlop's Alexandra Huffman and Andrew Tapley led the team in arranging the $45,337,000 transaction on behalf of Capital Square 1031.
Drawing on their deep understanding of Fannie Mae's loan programs, the origination team rate-locked the ten-year, fixed-rate loan just one day after the application was submitted. Additionally, the team assisted Capital Square 1031 in structuring its debt to accommodate the intricacies of the Delaware Statutory Trust ("DST") structure, permitting investors to acquire interests in the property in a tax-deferred exchange under Section 1031 of the Internal Revenue Code.
Bellemeade Farms Apartments is the tenth execution that Huffman and Tapley have originated for their longstanding client over the last three years, totaling over $200 million in Agency debt.
"Walker & Dunlop has done a superb job of originating loans for Capital Square 1031. In spite of our fairly complex DST structures, Walker & Dunlop has performed at the highest level. We have been able to rate-lock early, obtain third-party reports, and close quickly and efficiently. Andrew and Alexandra have given us a competitive advantage amongst DST sponsors and have helped us to grow to over $1 billion of assets sponsored for the program," stated Louis Rogers, CEO of Capital Square 1031.
Situated on 15.7 acres, Bellemeade Farms Apartments is comprised of 12 residential buildings and a clubhouse with a leasing office. Community amenities at the property include a 24-hour fitness center, tennis court, dog park, community garden, an outdoor lounge with newly renovated grilling stations, and a resort-style pool.
In addition to its top-notch facilities, the community is ideally located in Loudoun County, which has the highest median household income in the U.S. Being part of the Washington, D.C. MSA, the area is well-known for its economic stability. Furthermore, Amazon's HQ2 in Crystal City and the Metro's Silver Line extension are planned for the region, bringing a surplus of jobs and expected rent growth over the next decade and beyond.
Source: Walker & Dunlop / #Multifamily #Apartments